💸 The Tape

A new government-funded study has delivered a surprising verdict on two of America’s most widely used substances: state cannabis regulators are far more focused on public health than the agencies overseeing alcohol.

Researchers at the University of Maryland analyzed annual reports from regulatory bodies in all 24 adult-use cannabis states as of mid-2025. Their conclusion? 68% of cannabis agencies explicitly referenced public health goals in their mission statements—nearly double the 35% of alcohol regulators that did the same.

The finding flips a decade-old slogan on its head. While legalization campaigns often promised to “regulate marijuana like alcohol,” the data suggests that many states now regulate cannabis more robustly and with clearer health-oriented objectives.

The study also found that how legalization happened matters. States that passed cannabis laws through legislatures reported stronger health indicators than those that passed them via ballot initiatives—for both cannabis and alcohol oversight. Newer legalization states, which tend to legislate rather than ballot, also reported more extensive public health activities, such as collaboration with health departments, education campaigns, and safety monitoring.

Funded by the California Department of Cannabis Control and published in the International Journal of Drug Policy, the paper recommends further research to determine whether these regulatory efforts are producing measurable benefits.

The findings arrive as Congress debates federal frameworks that would regulate cannabis more like alcohol, even as alcohol industry groups lobby aggressively on hemp and marijuana policy. Meanwhile, one GOP senator recently declared prohibition opponents have “lost,” signaling federal reform may be approaching faster than expected.

Source: Marijuana Moment

📈 Dog Walkers

$TCNNF ( ▼ 1.0% ) Will Get Bigger In Texas

Trulieve Cannabis Corp. (CSE: TRUL, OTCQX: TCNNF) has officially secured a major foothold in one of the country’s most restrictive cannabis markets, announcing that the Texas Department of Public Safety (DPS) has granted Trulieve TX, Inc. conditional approval for a coveted Dispensing Organization license under the Texas Compassionate Use Program (TCUP).

The conditional award positions Trulieve to become one of the very few operators authorized to cultivate, manufacture, and distribute medical cannabis products in Texas, pending final DPS approval. If fully approved, Trulieve would join a highly exclusive club—Texas currently has only three operational dispensaries, with additional licenses being added as part of the state’s newly expanded medical program.

CEO Kim Rivers called the selection an exciting milestone, saying the company looks forward to working with regulators to complete the final steps. “Pending necessary approvals, we plan to provide patients compassionate care and expanded access to high quality medical cannabis products,” she said.

The move plugs Trulieve into a fast-growing program that’s expanding its number of licensees and broadening qualifying conditions, signaling a potentially transformative moment for Texas medical cannabis—and a meaningful new beachhead for one of the U.S. industry’s largest operators.

$IXHL ( ▲ 12.68% ) Granted Orphan Status

Incannex Healthcare Inc. (Nasdaq: IXHL) has landed a major regulatory win, announcing that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to IHL-42X, its oral fixed-dose combination drug candidate for obstructive sleep apnea (OSA)—a condition affecting millions and still lacking any approved oral pharmacotherapy.

The decision follows a string of encouraging clinical results, including Incannex’s successful Phase 2 “RePOSA” trial, which delivered statistically significant reductions in Apnea-Hypopnea Index (AHI), with some patients experiencing reductions of up to 83%, alongside strong patient-reported outcomes and a favorable safety profile. In other words: early data suggest the drug works, patients like it, and no major red flags have appeared.

With Fast Track status, IHL-42X now gains access to a suite of regulatory accelerators, including more frequent FDA meetings, rolling review of its future New Drug Application (NDA), and potential eligibility for Accelerated Approval or Priority Review.

Chief Scientific Officer Dr. Mark Bleackley said the designation underscores the significant unmet need in OSA treatment, while CEO Joel Latham called it “one of the most significant milestones” in the company’s history, adding that the move validates the program’s promising Phase 2 data.

Incannex expects detailed FDA feedback soon, which will determine the roadmap toward late-stage development—and possibly the first-ever oral therapy for OSA.

🗞️ The News

📺 YouTube

Virginia Moves Toward Cannabis Retail Sales | TDR Cannabis in 5

What we will cover:

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This episode of TDR Cannabis in Five features Shadd Dales covering the latest cannabis update out of Virginia, where lawmakers are preparing to introduce a bill that would finally launch regulated cannabis sales in 2026. Presented in third-person, the segment explains how this development fits into the state’s complicated history with legalization.

Shadd outlines how Virginia legalized possession years ago but never created a retail system, leaving residents with legal possession but no legal access. This gap has fueled the illicit market and confused consumers. The upcoming bill aims to resolve this with rules around licensing, taxes, equity, and consumer protections.

Plus we highlight Virginia’s political landscape. With Abigail Spanberger recently elected governor, her administration will ultimately oversee the rollout. Lawmakers and industry players are watching closely to see how her leadership shapes the regulatory structure.